Equity Fund Aim

The Company will invest in equities on a global basis. The Company's approach is to be a long-term investor in its chosen stocks. It will not adopt short-term trading strategies.

The Company has stringent investment criteria which the ACD, as investment manager, adheres to in selecting securities for the Company's investment portfolio. These criteria aim to ensure that the Company invests in:

high quality businesses that can sustain a high return on operating capital employed;

businesses whose advantages are difficult to replicate;

businesses which do not require significant leverage to generate returns;

businesses with a high degree of certainty of growth from reinvestment of their cash flows at high rates of return;

businesses that are resilient to change, particularly technological innovation;

businesses whose valuation is considered by the Company to be attractive.

Investors should be aware that the application of these investment criteria significantly limits the number of potential investments for the Company's portfolio. It is envisaged that the investment portfolio of the Company will be concentrated, generally comprising between 20 and 30 stocks.

The Company will not invest in derivatives and will not hedge any currency exposure arising from within the operations of an investee business nor from the holding of an investment denominated in a currency other than sterling.

Performance, % Total Return, T Class, Accumulation

November 2016

2016 to 30.11.16

2015

2014

2013

2012

2011

Inception to 30.11.16

Annualised to 30.11.16

Fundsmith1

-3.2

+24.7

+15.7

+23.3

+25.3

+12.5

+8.4

+188.5

+19.0

Equities2

-0.9

+23.9

+4.9

+11.5

+24.3

+10.7

-4.3

+103.5

+12.4

UK Bonds3

-0.6

+5.3

+1.0

+10.0

-4.8

+2.7

+15.7

+30.9

+4.5

Cash4

+0.0

+0.5

+0.6

+0.5

+0.5

+0.8

+0.9

+4.0

+0.6

1Net of Fees priced at midday UK time 2MSCI World Index (£ Net) priced at close of business US time 3Bloomberg/EFFAS Bond Indices UK Govt 5-10 yr 43 Month £ LIBOR Interest Rate

Portfolio Comment for November 2016

There were no outright sales or purchases of holdings made in the month. The top 5 contributors in the month were Idexx, Automatic Data Processing, Intercontinental Hotels, 3M and Becton Dickinson. The top 5 detractors were Imperial Brands, Philip Morris, Amadeus, Paypal and Estée Lauder.

Top 10 Holdings

Microsoft

Amadeus

Stryker

CR Bard

Idexx

Paypal

Pepsico

Dr Pepper Snapple

Intercontinental Hotels

JM Smucker

Our Values

No Fees for Performance

No Up Front Fees

No Nonsense

No Debt or Derivatives

No Shorting

No Market Timing

No Index Hugging

No Trading

No Hedging

Fundsmith Knows

Just a small number of high quality, resilient, global growth companies that are good value and which we intend to hold for a long time, and in which we invest our own money.

" Active Share measures how much the portfolio holdings differ from the benchmark index (MSCI World) i.e. a portfolio that is identical to the benchmark would have 0% active share.

* The OCF (Ongoing Charges Figure) is the total expenses paid by the fund (excluding bank overdraft interest), annualised, against its average net asset value. The OCF will fluctuate as the average net assets and costs change. The OCF is for the half year ended 30th June 2016.

^ The PTR (Portfolio Turnover Ratio) has been calculated in accordance with the methodology laid down by the FCA. This compares the total share purchases and sales less total creations and liquidations with the average net asset value of the fund.

> 7 Day Fund Liquidity is calculated based upon 30% of trailing 20 day average volume.

< Gross Yield reflects the historic dividend income received by the fund in the preceding 12 months before the deduction of all expenses including management fees. Net Yield is Gross Yield less the deduction of all expenses including management fees i.e. Gross Yield less the OCF. In both cases we use the T Class Shares as reference. Please note that rates would vary for I Class and R Class shares.

NB Where a position is being built for the fund the company name is not disclosed in factsheet data.

Fund Ratings

Disclaimer: A Key Investor Information Document and an English language prospectus for the Fundsmith Equity Fund are available via the Fundsmith website or on request and investors should consult these documents before purchasing shares in the fund. Past performance is not necessarily a guide to future performance. The value of investments and the income from them may fall as well as rise and be affected by changes in exchange rates, and you may not get back the amount of your original investment. Fundsmith LLP does not offer investment advice or make any recommendations regarding the suitability of its product. This financial promotion is intended for UK residents only and is communicated by Fundsmith LLP which is authorised and regulated by the Financial Conduct Authority.

2011 Factsheets

2010 Factsheets

Platform Partners

Disclaimer: A Key Investor Information Document and an English language prospectus for the Fundsmith Equity Fund are available via the Fundsmith website or on request and investors should consult these documents before purchasing shares in the fund. Past performance is not necessarily a guide to future performance. The value of investments and the income from them may fall as well as rise and be affected by changes in exchange rates, and you may not get back the amount of your original investment. Fundsmith LLP does not offer investment advice or make any recommendations regarding the suitability of its product. This financial promotion is intended for UK residents only and is communicated by Fundsmith LLP which is authorised and regulated by the Financial Conduct Authority.